Monday Jan 28 2013
Last week continued the good trend of the previous week. The account went up from +19.6% to +45.8% for the month, with one week still left in January. An updated worksheet is attached below. The one thing I am most satisfied with is not visible in the performance statistics – I followed my system 100%! That gives me great confidence going forward. If I continue this way and the system continues to turn out great results (there is no reason why it should not), I can expect to be earning 50% – 80% per month on average.
Some comments on the market:
The Euro has broken out of its congestion range and is testing very strong resistance at around 1.3490 / 1.35. In fact the confluence of resistance here is so strong that it is almost certain we will see a sizeable correction here. It is possible that we may overshoot a bit but it would be against the nature of markets if there is no correction here.
This pair is overbought, but technically on the charts there is no compelling reason to expect a deep correction. Perhaps the correction in EURUSD will drag this down, maybe not.
This trend being a combination of Euro strength and JPY weakness, anything is possible. The early signs on Monday Asian session is for a correction but Monday signals are usually unreliable. Let’s see.
Gotta rush, so can’t write more now.
Good trading to all this week.